M&M hits new record high a day ahead of Q4 results; stock up 32% in 2024 so far

Earlier, M&M signed memorandum of understanding (MoU) with Ministry of Skill Development and Entrepreneurship (MSDE) to conduct two pilot projects under the 'Drone Didi Yojana

Shares of Mahindra and Mahindra Ltd (M&M) gained 1.5 percent to hit an all-time high of Rs 2,306 apiece on May 15 a day before the auto major is scheduled to announce its January-March quarter (Q4FY24) results.

According to Moneycontrol's poll, the company's profit is slated to rise by a mere 2.5 percent year-on-year (YoY) to Rs 2,026 crore in Q4FY24, while revenue from operations is expected to climb 7 percent YoY to Rs 24,182 crore in Q4FY24.

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Earlier, M&M's wholly-owned subsidiary Mahindra Holdings executed a share purchase agreement for sale of its entire stake in New Delhi Centre for Sight.

The proposed transaction will involve Mahindra Holdings selling 30.8 percent of the paid-up capital of NDCFS to Space Investments, Defati Investments Holding BV, and Infinity Partners in a fully diluted basis for Rs 425.4 crore.

NDCFS is an associate company of Mahindra Holdings under the Companies Act and also a joint venture between Mahindra Holdings and M&M.

Apart from that, M&M also signed memorandum of understanding (MoU) with Ministry of Skill Development and Entrepreneurship (MSDE) to conduct two pilot projects under the 'Drone Didi Yojana.'

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Drone Didi Yojana aims to train 15,000 women to operate drones for various agricultural purposes, including fertilising crops, monitoring crop growth, and planting seeds.

Mahindra Group will provide initial set-up support, including simulation machinery or drones, simulator controllers, desktop computers, and trainers, along with meeting the operating costs for the duration of the pilot projects.

So far this year, the stock of this auto major has surged over 32 percent, outperforming 2 percent rise in the benchmark Nifty 50 index.

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